Viant Corp. (Nasdaq: VIAN) blasted ahead 17 percent Friday after it creamed estimates in its recent quarterly report.
Credit Suisse First Boston reiterated its "strong buy" rating on the stock Friday, and raised its price target to $125 from $85.
Shares in the Internet services firm were up 16 1/2 to 116 1/2, after it shattered analysts' estimates in its fourth quarter, pocketing $3.7 million, or 14 cents a share, on sales of $23.7 million. The company, which just went public last June, has seen its stock ascend rapidly, especially after it beat estimates in its third quarter.
The company said Thursday it has reached profitability both in the fourth quarter and for the year, citing well-developed client relationships and accelerating business demand as key to booming profits.
CS First Boston analysts Mark Wolfenberger and Wayne Segal raised their fiscal 2000 earnings estimates to 37 cents from 25 cents a share. The revenue estimate for 2000 was raised to $125 million from $118 million. Fiscal 2001 earnings estimate of 50 cents a share and revenue estimates of $185 million were also initiated.